NET DEBT DOWN15 Apr 2019 08:06
HIGHLIGHTS
· Lost Time Injury Frequency Rate ("LTIFR") for the nine months to 31 March 2019 of 0.19 (FY 2018 YTD: 0.18).
· Q3 production of 924,228 carats (Q3 FY 2018: 992,315 carats), reflecting increased production at Cullinan, Koffiefontein and Williamson, offset by lower production at Finsch.
· Production for the nine months to 31 March 2019 up 4% to 2,943,374 carats (FY 2018 YTD: 2,836,272 carats).
· Production guidance of 3.8 - 4.0 million carats for FY 2019 maintained.
· Installation of the remaining draw points across the footprint of the C-Cut Phase 1 block cave at Cullinan is progressing as planned, with completion expected during H1 FY 2020.
· With the progression across the C-Cut footprint, the incidence of larger stones is improving as demonstrated by the recovery of two +100 carats gem-quality stones during the Period.
· The 425.1 carat D colour Type II gem quality diamond recovered at Cullinan on 29 March 2019, is expected to be sold during Q4 FY 2019 as previously announced.
· Q3 revenue decreased 7% to US$135.2 million due to a 6% reduction in sales volumes to 1,061,343 carats sold (Q3 FY 2018: US$145.7 million from 1,131,262 carats sold).
· Revenue for the nine months to 31 March 2019 up 1% to US$342.4 million from 2,797,700 carats sold (Q3 FY 2018 YTD: US$337.4 million from 2,641,720 carats sold).
· Rough diamond prices achieved during the two tenders in Q3 up ca. 1% on a like-for-like basis compared to prices achieved in H1 FY 2019.
· Net debt reduced to ca. US$553.1 million, (31 December 2018: US$559.3 million), excluding US$46.4 million relating to diamond debtors as at 31 March 2019 received shortly after Period end (31 December 2018: US$4.4 million).
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